My Beef With Online E-Mini Futures Day Trading Rooms
My Beef With Online E-Mini Futures Day Trading Rooms
I have a problem with the majority in these spaces. There are some that could be in line with my standards of honesty However, I'm not going to list them here. This isn't the purpose of this piece, in any case. What's so sad and shocking, I'm afraid that my standards aren't that high. I would consider them reasonable, but not exceptional. These standards ought to be normal thing, but they're not. Let me mention three main issues, three major points of contention in relation to the online e-mini futures day trading rooms specifically and to prove to you that I'm really not expecting very much out of these rooms. However, my most basic expectations are rarely fulfilled. 1. The record. The results of trading must be recorded and monitored. A lot of trading platforms permit this. NinjaTrader that a large number of traders use is one such platform. You could also take a screenshot of all the transactions that are listed by your platform for a particular day, if the platform MT4 Indicators you are using does not permit tracking the trades over a longer amount of time. But, I believe it's important to keep the trading history for each day in its own. While it might seem like a simple thing to do, a lot of the brokers do not provide a complete track of their transactions (as reported by the platforms for trading) and instead create their own lists of trades which are not verified in any way. This is not the proper way to do it, and could suggest that some kind of accounting trick may be taking place or there is available just in the event. In the end, this can't be relied upon. 2. The absence of transparency. This includes what the function that the rooms serves, what you can expect from it and the way it's operated (in particular what the room's owner is doing, whether he is taking trades live or using simulated). There's nothing wrong with the use of simulated trades. They don't invalidate the method of trading rooms, just because the actual trades don't guarantee that every participant will earn profits, even if the room's operator is able to make it happen. Other circumstances affect how well you be able to perform following the room's demands and it is important to be aware of them. It is also important to spell them out to every possible room participant prior to them sign-up. It's not uncommon for novices or wannabe traders to assume they are paying to use the trading space allows them to use the same entry and exits that the operator of the room. Although it might sound silly however, you may hear voices that imply this and similar expectations on forums for trading specifically those which "cater" to the beginners (the proper verb is "bamboozle"). It's not often true, even when in simulation mode. Unfortunately, these issues are frequently ignored, and alternatively, a trial might be provided. Trials of this kind are extremely welcome, either for whether it is free or not, but only when it is in conjunction with the pertinent information that is properly communicated in written form. In the absence of this, it is often just an event for marketing with potential members being coached by room managers who's real expertise is usually in marketing, and not trading. The primary purpose of these rooms is usually described as educational. However, a majority offer the idea that you could earn money from rooms calls that is meant to justify the cost of a monthly fee which can be as high as $300. You can't possibly think that anyone of sound minds to pay that amount for a simple educational space but rooms that cost such a high amount aren't necessarily open about their history. So, what we are dealing with here is usually an instance where room owners conceal the lack of accounting accuracy by claiming that they are operating an educational facility however they charge like the room was designed to earn money. It's impossible to do it either way! Choose your preferred option to be honest. If you manage an educational facility it is not required to declare any profit and you don't need to worry about your history of your business, but should you insist on claiming profits, or even suggesting such the possibility, it has taken place in a legal way and with a complete track record, and ideally audited by a professional. 3. Unsuspecting marketing practices. This is in line with the previous issue in that the omission of information by the owners of the room allows them to present the room as something that it isn't, but you'll find out only upon closer examination and wasting time that you could not waste in the case of an honest, transparent company. Instead of helpful, pertinent information, you may be presented with information that is completely insignificant, distracting, and even manipulative, like for example, messages that have more or less religious subtexts. It is okay to have religion in our lives but mixing business and religion that does not have anything to do with it in the interest of aiding the latter is bad taste and disrespect for religion, or at the very minimum it is an opportunistic, instrumental method of dealing with the subject. The religious people to be aware of what to do with religion, wouldn't you? This, let me repeat it to conclude, is the primary issue with the majority (most probably) E-mini futures day trading rooms that are on the Internet today (or on-line trading spaces all in all). In particular, the insufficient transparency, if not at times, flagrant deceit or manipulation regarding the rooms purpose and operations. Personally, I believe that futures day trading rooms should be educational. It would also mean that they are cheaper than the majority of them are. It also means more authentic because if do not care about track records as an indicator of your room's overall quality, you are able to afford to be more transparent. There is a second motive behind this. I am convinced that an average trader, if properly educated is able to do better by himself than relying on the instructions of a self-proclaimed expert who might or may not be truthful about his trading abilities.  

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